From In Q3 of 2008, as the global financial crisis continued to worsen, SWFs sought to limit their exposure to the riskiness of OECD markets. At the same time these funds sought to put more capital to work in their domestic economies which were becoming increasingly strained.

SWFs continued to shy away from investments in the global financial services sector and continued to resist OECD investments in general, relative to alternatives in emerging markets….. Full Press Release: Source